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Abu Dhabi grants Addar land to develop 'lifestyle destination’

Shaikh Mohammed predicted a boom in the emirate’s properties sector, saying that the sector will witness a real leap, “thanks to Addar’s initiatives in seeking to provide world-class real estate development and management services.” Addar will develop the 524,000-square meter area and transform it into a bustling residential, commercial and entertainment centre, Shaikh

Mohammed said.

The area, which stretches for about three kilometres long and a width of 185 meters (524,000 m2) between the Abu Dhabi Golf Club and Abu Dhabi International Airport and facing Al Raha beach, will be developed into a lifestyle destination within the emirate, providing residential and hotel accommodation, as well as retail space and entertainment facilities.

He pledged unlimited support by Abu Dhabi government to all large scale development projects being implemented in the emirate, which will “add to the excellent infrastructure of Abu Dhabi.” Shaikh Mohammed also announced the establishment of Addar Properties PJSC - with a capital of AED 1.5 billion. The new company will acquire assets of Addar Real Estate Services and take over management of its existing projects. The Abu Dhabi Department of Economy has approved the establishment of Addar Properties PJSC. The founders are currently subscribing to Dh675 million of the company’s capital and Dh825 million will be offered to UAE citizens through an initial public offering (IPO).

Later this month, the offering price is Dh1 per share with an additional Dh0.01 per share in offering costs.

The company’s objectives are to own, manage and invest in various real estate properties whether inside or outside the UAE, provide management and maintenance services to real estate properties, develop, manage, sell and lease all types of real estate properties. It also aims at acquiring and granting concessions, leases, investments and other rights related to developing and investing in properties owned or managed by the company.

Abu Dhabi investment company and the national investor are the joint lead managers of Addar Properties’ IPO last July.

Addar was awarded a 50-year concession by Abu Dhabi government to redevelop the old souk into a vibrant town centre containing a mixed use development of specialty retail outlets and cultural attractions for the centre of Abu Dhabi city.